Average Gas Prices Fall Lower

Comstock Images/Thinkstock(WASHINGTON) — The average price of a gallon of regular gas is now at $3.67, down nearly 5 cents from a week ago, according to the Department of Energy. This price is also down about 13 cents from this time a year ago.

Even prices on the West Coast are now coming down. The most expensive gas in the country at an average of $4.23 a gallon, the price is down nearly 2 cents from a week ago.

Still, there appears to be an unprecedented amount of diversity between regions and within regions across the country, according to Oil Price Information Service chief oil analyst Tom Kloza.

Kloza says the diverse range in prices won’t last for long.

“I expect the diversity will narrow and prices will tend to get toward a closer relationship,” he said. But, we will see numbers that are pretty close to what we’re seeing right now between now and July 4th week.”

Kloza says he is keeping his eye on Iran, though. He does not expect any big changes in the next few weeks, but says Iran is the “one fly-in-ointment that could send crude oil prices back higher in the second half of the year — hopefully, not in the first half.” Still, he says, “it’s something to keep in mind in the next few months.”